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Basics of Contract Law

Can you explain the basic concepts of contract law.

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A contract is an agreement between two or more person to do or not to do a particular thing in return for something of value.
So the basic concepts of a contract are first there should be an offer for an arrangement that is accepted by the other party. The next basic requirement is that the agreement is to do something for a consideration. This must be sufficient and must move from the promisee. The next basic requirement is that there should be an intention to be legally bound. In addition, the person entering into the contract must have the capacity to enter into the contract. Verbal contracts are valid and so are written contracts. However, some jurisdictions declare verbal contracts to be unenforceable. Legally there may be unilateral contracts like announcing a reward or there may be bilateral contracts. However, for a contract to be legally ...

Solution Summary

This solution gives you the basic concepts of contract law in an easy to understand manner.